818-371-2878 sales@mmjbankers.com

Debit Card Only (CASHLESS ATM) vs Credit/Debit Card (TEXT-TO-PAY)

Accepting Cards is Always Good for Business

Card Brands Accepted

CASHLESS ATM – accepts Debit cards only
TEXT-TO-PAY – accepts All Major Credit & Debit Cards plus ACH & wires


CASHLESS ATM – your store name will be on the customers receipt
TEXT-TO-PAY – your unique numeric descriptor will be on the receipt

The Process

CASHLESS ATM – customer swipes their card and enters their PIN number
TEXT-TO-PAY – P2P transaction processing (similar to paypal or venmo)

Step 1 – the customer is texted an invitation to pay via the TEXT-TO-PAY – P2P Platform
Step 2 – the customer funds their P2P account via debit or credit card (one/two clicks)
Step 3 – the customer is sent a Payment Request – they accept or decline – ALL DONE

Transaction Totals – Invoicing

CASHLESS ATM – the transaction will round up to the nearest $5.00 increment – the change is returned in cash
TEXT-TO-PAY – the transaction will invoice to the exact amount – no change is given

Rise in Sales

CASHLESS ATM – at least a 15% rise in gross sales over cash
TEXT-TO-PAY – at least a 25% rise in gross sales over cash

Transaction Fees

CASHLESS ATM – $3.00 – three year contract or $4.00 – month-to-month. All fees are charged to the customer – Including Out of Network fees
TEXT-TO-PAY – Store pays between 0%-4% depending on portion shared by the customer – the total fees are 6.95% + 30 cents per transaction.                                    TEXT-TO-PAY – There are no out of network fees charged to your customer 

Monthly Fee

TEXT-TO-PAY – $199.00 and this includes your Cannabis Checking Account

Equipment Costs

CASHLESS ATM – $425 in-store or $500 + $25 for wifi per machine
TEXT-TO-PAY – $0.00 – uses a virtual terminal (any internet connected device)

Funding Time

CASHLESS ATM – 2 day hold then paid daily
TEXT-TO-PAY – 7 day hold then paid weekly for the first 90 days – then will adjust to
1-6 days after 90 day probation depending on overall risk & charge back ratio


CASHLESS ATM – no reserve
TEXT-TO-PAY – 10% rolling reserve for the first 90 days – it will then adjust to
0%-10% after the 90 day probation depending on your risk & chargeback ratio


CASHLESS ATM – must have a business bank account
TEXT-TO-PAY – comes with a FREE Cannabis Checking Account that is FDIC insured or use your existing business account


CASHLESS ATM – works with any POS
TEXT-TO-PAY – works with any POS

Charge Backs

TEXT-TO-PAY – the company-wide average is 2 tenth’s of 1 percent – or 1 out of every 500 transaction. You must be under 1% to stay on the platform

Maximum Amount Allowed per Card

CASHLESS ATM – $800 per swipe – $1200 on an individual card within 24 hours
TEXT-TO-PAY – unlimited


CASHLESS ATM – no probation
TEXT-TO-PAY – 90 day probation – then your overall risk % charge back ratio will be reviewed – you must be under 1% to stay on the platform


CASHLESS ATM – month-to-month & no early termination fee
TEXT-TO-PAY – month-to-month & no early termination fee

Opportunity Cost

These estimates do not take into account how much more often your customers will shop when they can use their credit or debit card (it’s more) or how many new customers you’ll gain by taking them away from your competition (the ones that do not accept credit or debit cards).

In Conclusion

CASHLESS ATM – Debit – The funding time is faster and there are no fees to the business except for the card readers ($425.00 in-store or $500.00 wifi).

TEXT-TO-PAY – Credit/Debit – There will be more of an initial investment ($199 monthly fee + a 10% reserve) but provide a greater ROI over a debit only solution. The ability to take phone orders has many advantages, especially for curbside and delivery. There is no equipment cost and it comes with a FREE Cannabis Checking Account.

MMJ Bankers can help you decide on the best overall solution for your business. We do this by giving you multiple options to choose from. Running an all cash business or having questionable merchant processing and banking (or none at all) will become a thing of the past. You can get a cannabis bank account through us for free and start accepting any electronic transaction within a week.

Make an appointment for a brief phone call to get started.